Container Intelligence Monthly

Clarkson Research Services Container Intelligence Monthly Volume 16, No. 7 July-214 ISSN: 1467-488 Containership Timecharter Rate Index 2 18 16 14 12 1 8 6 4 2 Jun-4 Jun-5 Jun-6 Jun-7 Jun-8 CONTENTS Jun-9 Jun-1 Jun-11 Jun-12 Jun-13 Jun-14 Industry News p2 Container Trade & Capacity p3 Charter Market p4 Containership Fixtures p5 Secondhand Prices p6 Sale & Purchase Market p7 Newbuilding Market p8 Containership Building pi Container Fleet Age Profile pii Container Fleet Characteristics piii Container Fleet Ownership piv-v Container Freight Market pvi Container Freight Rate Indices pvii Liner Trade Indicators pviii Liner Investment p9 Demolition Market p1 Economic & Financial Indicators p11 Container Trade Outlook p12 World Container Ports p13 World Container Capable Fleet p14 World Container Capable Orderbook p15 Container Commentary p16 Clarkson Research Services Limited (CRSL) is respected worldwide as the most authoritative provider of intelligence for global shipping. CRSL is part of the Clarksons group, the world's largest shipbroking and integrated shipping services provider. For more detail about the Clarksons group visit www.clarksons.com. Container Supply and Demand Container Trade % growth (teu) Total Container Capacity % growth (teu) Vancouver Oakland Long Beach Los Angeles Containership Market Indicators 213 (est) 4.9% 214 (f'cast) 6.% 213 (est) 4.7% 214 (f'cast) 4.8% 6-12m 1,7 teu grd TC $7,5/day (up 3% y-o-y) 2,75 teu gls 1yo Price $1.25m 13,5 teu N/B Price $116.5m (up 9% y-o-y) Orderbook % of Fleet 19.5% Dalian Tianjin Qingdao Busan Tokyo Liangyungang Shanghai Xiamen Ningbo Guangzhou Kaohsiung Shenzen Hong Kong Laem Chebang Manila Ho Chi Minh Port Klang Tanjung Pelepas Singapore Tanjung Priok Selection of major container ports Melbourne New York/New Jersey Savannah Colon Balbao Sydney San Juan Santos Buenos Aires Felixstowe Zeebrugge Le Havre Valencia Algeciras Rotterdam Vancouver Oakland Long Beach Hamburg Bremen/Bremerhaven Antwerp Lagos Gioia Tauro Marsaxlokk Port Said Luanda Durban Los Angeles Dubai Salalah Colon Balbao New York/New Jersey Savannah Jawaharlal Nehru San Juan Colombo Selection of major container ports Santos Buenos Aires

Industry News According to the latest CTS data, the volume of European box imports from Asia rose by 13.2% y-o-y in May to 1.37m TEU. This brings volumes in the first five months of the year to 6.17m TEU, a 8.% y-o-y increase. On the backhaul leg however, trade reportedly expanded by just 2.% y-o-y in May, to hit.58m TEU, bringing year-to date volumes to 2.85m TEU, a 1.5% y-o-y increase. Meanwhile, according to US customs sources, volumes on the eastbound Transpacific trade rose by an estimated 6.8% y-o-y in May to 1.13m TEU, bringing the total in the first five months of the year to 5.36m TEU, a 5.1% y-o-y increase. 1.25 1. Peak-leg Asia-US box volumes M TEU.75 Jan-12 Jan-13 Jan-14 Following the Chinese regulatory authorities rejection of the proposed P3 Alliance, Maersk Line and MSC have signed a new 1- year vessel-sharing agreement (VSA) to cover the mainlane East-West trades: Far East - Europe, Transpacific and Transatlantic. Dubbed 2M, the agreement will include around 185 vessels of a combined 2.1m TEU, operating on 21 services. Maersk will contribute around 11 ships, accounting for 55% of total 2M capacity. The partnership will have a smaller market share than the aborted P3 Network, accounting for an estimated 35% of Far-East Europe capacity. The carriers will terminate all other VSAs on the mainlane trade routes. Under a standard VSA, Maersk and MSC will operate their ships independently, as well as having separate sales, pricing, marketing and procurement functions. The duo hope to start their partnership in early 215, subject to regulatory approval. According to the Shanghai Containerised Freight Index, spot rates for boxes shipped from Shanghai to Europe fell to $1,32/TEU on the 11 th July, down from $1,416/TEU at the start of the month. So far this year the rate on the route has averaged $1,277/TEU, 17% higher than the full year 213 average of $1,9/TEU. Meanwhile, Shanghai- Mediterranean rates fell to $1,567/TEU on 11 th July down from $1,7/TEU at the start of the month. Elsewhere, freight rates for boxes shipped from Shanghai to the US West Coast sat at $1,824/FEU on 11 th July. So far this year rates on the route have averaged $1,9/FEU, 6% lower than the full year 213 average of $2,28/FEU. Meanwhile, spot rates to the US East Coast were recorded at $3,598/FEU in early July and have averaged $3,331/FEU so far this year, marginally above their 213 average of $3,285/FEU. Non-mainlane freight rates continue to enjoy mixed fortunes. According to the SCFI, Shanghai-Santos rates rose to $1,314/TEU on 11 th July, their highest level since February and more than double the June lows. However, the ytd average on the route of $1,9/TEU remains 27% below the 213 average of $1,384/TEU. Elsewhere, Shanghai - Melbourne rates sat at $622/TEU, down 24% on their 213 average. However, box rates to Lagos have averaged $1,895/TEU so far this year, just 2% down on their full year 213 average of $1,926/TEU. In the opening six months of 214, container throughput at the port of Singapore reached 16.5m TEU, a 4.4% y-o-y increase. Meanwhile, handling at Hong Kong totalled 11.3m TEU over the same period, a rise of 5.2% y-o-y. Combined LA & Long Beach Throughput 1.5 1.25 1. M TEU.75 211 212 213 214 Total combined container throughput at the ports of Los Angeles and Long Beach reached 7.36m TEU in the first half of 214, an increase of 6.1% y-o-y. Total loaded imports to the ports rose by 7.5% y-o-y to 3.77m TEU in 1H 214, while total loaded exports increased by a slower 3.2% y-o-y to 1.83m TEU over the same period. 12% 9% 6% 3% Idle Containership Fleet % of total fleet capacity, TEU Source: CRSL, AXS Alphaliner % 21 211 212 213 214 Total containership capacity in lay-up stood at.24m TEU by mid- July, according to data from Alphaliner. 131 idle ships account for 1.4% of overall containership fleet capacity. However, charter owned tonnage accounts for 9% of the idled capacity, including 49 charter owned ships of 1,-1,999 TEU, and 37 of 5-999 TEU. The US Federal Maritime Commission granted unanimous approval for the CKYHE carriers (COSCO, K- Line, Yang Ming, Hanjin, Evergreen) to discuss the expansion of their cooperation to Transpacific and Transatlantic trades. The alliance has been operating on Asia- Europe trades since Q1 214, and, while most of the lines have existing slot-sharing agreements on US routes, they will now begin to explore a more formal alliance. Clarkson Research Services Page 2 Jul-14

Container Trade and Capacity 8 m.teu lifts Container Demand 4 ' TEU Containership Supply 7 6 Others 35 3 214 & 215 deliveries and scrapping are full year forecasts; contracting is ytd Orders Placed 5 25 4 3 Asia 2 15 Capacity Delivered Scrapping 2 1 1 Europe 5 N.America 198 1982 1984 1986 1988 199 1992 1994 1996 1998 2 22 24 26 28 21 212 214 198 1982 1984 1986 1988 199 1992 1994 1996 1998 2 22 24 26 28 21 212 214 Container Est. million teu lifts/teu Trend 211-215 Fundamentals Volumes 211 212 213 214 215 % p.a. m. teu lifts N America 48 48 49 52 55 STEADY 3% N Europe 66 66 66 68 71 STEADY 2% Mediterranean 35 37 38 39 41 STEADY 5% China (incl. HK) 168 178 188 199 213 STRONG 6% Asia excl. China 15 153 159 169 18 STEADY 5% Other 113 119 124 129 136 STEADY 5% TOTAL, m. teu lifts 58 61 623 656 697 STEADY 5% m. teu* Transpacific 2.8 2.8 21.7 22.7 24. STEADY 4% Far East-Europe 2.4 2.1 21. 22.2 23.5 STEADY 4% Transatlantic 6. 6.1 6.2 6.5 6.8 STEADY 3% Non-mainlane East-West' 18.8 19.5 2.1 21.3 22.9 STRONG 5% North-South 27.2 27.5 28.8 3.5 32.6 STEADY 5% Other'' 56. 59.6 63.3 67.7 72.6 STRONG 7% TOTAL TRADE, m. teu 149 154 161 171 182 STRONG 5% % growth 7.2% 3.% 4.9% 6.% 6.7% Container, teu, end Capacity 211 212 213 214 215 % p.a. Containerships <3, teu 4,34 4,193 4,9 4,25 3,975 WEAK -2% 3-7,999 teu 7,169 7,347 7,428 7,298 7,19 STEADY % 8-11,999 teu 2,85 3,119 3,541 4,94 4,755 STRONG 14% 12,+ teu 1,5 1,574 2,55 2,654 3,335 STRONG 35% Total Containerships 15,319 16,233 17,114 18,7 19,254 STRONG 6% % growth 7.9% 6.% 5.4% 5.6% 6.5% Multi-Purpose 1,417 1,464 1,56 1,518 1,542 STEADY 2% Ro-Ro 39 29 265 259 273 WEAK -3% Other Liner 533 462 438 47 39 WEAK -8% Total Container Capacity 17,578 18,449 19,322 2,255 21,458 STRONG 5% % growth 6.8% 5.% 4.7% 4.8% 5.9% Market Percentage growth Trend 211-215 Supply/Demand Outlook Balance 211 212 213 214 215 Container Trade 7% 3% 5% 6% 7% STRONGER... Total Container Capacity 7% 5% 5% 5% 6% STRONGER... Balance % -2% % 1% 1% POSITIVE... Global container trade is currently projected to expand by 6.% in 214, with 6.7% growth forecast for next year. Mainlane trade growth is expected to hit 5.% this year, with European and US import growth proving spritely so far this year. Far East-Europe volumes are currently projected to register growth of 6.2% in full year 214, while eastbound Transpacific trade is projected to grow by 5.4% over the year. Non-mainlane East- West trades are expected to improve following a lacklustre 213, and are projected to expand by 5.8% this year to 21.3m TEU. Elsewhere, total North-South volumes are forecast to grow by 5.7% in 214. Meanwhile, total intra-regional trade is expected to grow by 6.9% this year, with the largest component of global trade - intra-asian volumes - projected to grow by 7.7% to 48.2m TEU. Global container capable supply is expected to increase by 4.8% this year. As such, it looks likely to be outstripped by global demand growth. The amount of capacity in lay-up has fallen seasonally to.24m TEU, the lowest for three years, but 82% of this is charter owned tonnage, surplus capacity that helps to supress rates in the charter market. Meanwhile, freight rates on individual trade lanes remain volatile, and are largely determined by the management of supply growth, which itself is dictated by the speed of cascading down from the mainlanes as high-capacity ships are delivered apace. However, improving demand overall, along with the elevated levels of scrapping (.28m TEU was sold for demolition in 1H 214), should help to alleviate some of the supply pressure over the course of the year. In addition, the still thin orderbook in the smaller sizes could be good news for the charter market in the medium-term. * Trade lane figures include volumes in both directions. ' Trade between N.America/Eur./Far East and M.East/ISC. '' Intra-regional and south-south trade. Clarkson Research Services Page 3 Jul-14

Charter Market 6, 5, 4, 3, 2, 1, Containership Timecharter Rates ($/Day) 44 teu g'less 275 teu g'less 17 teu grd Jan ' Jan '1 Jan '2 Jan '3 Jan '4 Jan '5 Jan '6 Jan '7 Jan '8 Jan '9 Jan '1 Jan '11 Jan '12 Jan '13 Jan '14 Charter Market Commentary The containership charter market continued to see a relatively healthy level of activity in the second half of June and into July. In the Post-Panamax sector, a number of relets found employment, with a robust level of demand and a falling number of idle vessels. Demand also held solid in the Caribbean feeder market which has proved stable so far this year. Overall however, the Asian market continued to account for the largest share of fixture activity, although a significant portion of these deals have been the renewal of existing contracts. The 2,-3, TEU market has seen the bulk of activity here, with periods typically flexible up to six months. In the Post-Panamax sector, the guideline 3-year timecharter rate for a 9, TEU containership was $39,5/day in June, slightly higher than the full year 213 average of $37,625/day. Meanwhile, the guideline 6-12 month 4,4 TEU Panamax charter rate rose to $8,75/day in June, exceeding the 213 average of $8,696/day. In the smaller sizes, the guideline rate for a gearless 2,75 TEU boxship rose slightly to $7,25/day, with the guideline rate for a geared 2,5 TEU vessel at the same level. Post-Panamax Avg $/Day $/Day Post-Panamax Market Market 212 213 214* Mar Apr May Jun This Month 3 Year Timecharter Post-Panamax 9, teu g'less 37,357^ 37,625 39,583 4, 4, 4, 39,5 DOWN. -1.3% Post-Panamax 6,8 teu g'less 29,857^ 27,542 24,5 24, 24, 25, 24,5 DOWN. -2.% Panamax Avg $/Day $/Day Panamax Market Market 212 213 214* Mar Apr May Jun This Month 6-12 Months Timecharter Panamax 4,4 teu g'less 9,942 8,696 7,817 7,5 7,75 8,5 8,75 UP BY 2.9% Panamax 3,5 teu g'less 7,179 7,21 7,558 7,35 7,85 7,75 7,8 UP BY.6% Sub-Panamax & Avg $/Day $/Day Sub-Pmx/Feeder Market Feeder Market 212 213 214* Mar Apr May Jun This Month 6-12 Months Timecharter Sub-Panamax 2,75 teu g'less 6,742 6,829 7,5 6,8 7,25 7,1 7,25 UP BY 2.1% Sub-Panamax 2,5 teu geared 6,879 7,592 7,442 7,4 7,4 7,25 7,25 STEADY.% Sub-Panamax 2, teu g'less 6,48 6,483 6,967 7,1 7,1 7,1 7, DOWN. -1.4% Handy 1,7 teu geared 6,292 7,96 7,383 7,25 7,4 7,4 7,5 UP BY 1.4% Handy 1, teu geared 5,358 6,321 6,517 6,6 6,6 6,35 6,35 STEADY.% Feedermax 725 teu geared 4,383 4,842 5,17 5, 5, 5, 5, STEADY.% Feeder 35 teu geared 3,742 3,971 4, 4, 4, 4, 4, STEADY.% Containership T/C Rate Index 43 46 47 47 47 47 47 UP BY.3% y-o-y growth -32% 7% 2% 8% 4% 2% 1% Multi-Purpose Avg $/Day $/Day MPP Market Market 212 213 214* Mar Apr May Jun This Month 6-12 Months Timecharter MPP (liner) 17, dwt 8,988 8,358 7,625 7,65 7,5 7,5 7,5 STEADY.% MPP (liner) 9, dwt 6,42 5,875 6, 6, 6, 6, 6, STEADY.% MPP T/C Rate Index 1 95 9 91 9 9 9 STEADY.% y-o-y growth -7% -5% -4% -7% -1% % -6% * Average year to date. ^212 average basis July-December data. Clarkson Research Services Page 4 Jul-14

Containership Fixtures Latest Containership Timecharter Fixtures Ship Vessel Name Teu Dwt Year Spd Cons Delivery Charter Period Charterer Rate Type Nom. Hom. Tonnes Built Kts t/day Loc/Typ $/Day G'Less Adrian Schulte 6969 491 85,76 29 23 148 FE 12 Months MSC 2,25 G'Less Margrit Rickmers 56 3373 67,55 25 24.3 15.3 FE 5-6 Days K-LINE 1, G'Less Charles Dickens 4992 328 67,61 25 24.3 164.5 FE 21-35 Days ZIM 9,55 G'Less Northern Precision 438 285 59,431 29 24 142.8 FE 45-9 Days TS LINES 9,25 G'Less Quadriga 3426 241 42,65 28 22.5 117 SHANGHAI 8-12 Months CMA CGM 7,8 G'Less Northern Defender 3534 2353 42,121 27 23.5 122 FE 6 Months CMA CGM 7,7 G'Less SFL Hunter 2824 23 39,382 26 24 95 FE 4-5 Months PIL 7, G'Less Teng Yun He 172 135 25,8 2 2.5 64. FE 3-5 Months OOCL 7,3 G'Less Aruna Ipsa 1858 13 24,219 24 22.2 8.5 FE 3-5 Months SINOKOR 7,6 G'Less Sinar Bromo 16 77 15,1 29 17.5 36 BANGKOK 8-1 Months RCL 6,65 G'Less Italian Express 184 73 14,233 212 19 39 SINGAPORE 6 Months NYK 7,55 G'Less FPMC Container 1 196 7 13,76 29 17 39.5 S KOREA 1 Month SINOKOR 6,1 G'Less Klara 917 623 1,6 29 18 32 COLOMBO 12 Months FAR SHIPPING 7,5 G'Less WMS Vlissingen 698 436 8,4 25 17.5 32 FE 4-6 Months MEL 4,75 G'Less Contship Ace 74 413 8,2 27 17 25 FE 3-12 Months GSL 5, G'Less K-Water 76 413 8,2 27 17.5 26.8 PUSAN 14-21 Days KMTC 4,7 Grd Cape Marin 2758 222 41,463 212 2 93.5 JEBEL ALI 4-6 Months MSC 7,5 Grd Bonny 2681 24 36,19 21 21.5 86 FE 1-3 Months HANJIN 7,4 Grd Northern Enterprise 2454 189 33,9 21 21 82 SINGAPORE 3-5 Months PIL 7, Grd Merkur Gulf 2556 186 34,263 25 22 78.7 CONT 9 Months CMA CGM 8,2 Grd Niara 2135 1599 29,266 1999 2 58 JEBEL ALI 2-3 Months SIMATECH 7,5 Grd Kamala 2135 15 29,277 1999 2 66 FE 6 Months KMTC 7,5 Grd Hansa Altenburg 174 1289 23,37 211 2 55 FE 3-6 Months PIL 7,5 Grd Nefeli 174 1289 23,265 211 2.4 55 FE 3-5 Months KMTC 7,5 Grd Bahamian Express 1795 1312 25,884 21 2.5 6.4 FE 2-4 Months PIL 7,3 Grd Lissy Schulte 173 1124 22,878 1995 2 54.5 COLOMBO 3-5 Months SEACON 7,5 Grd Szczecin Trader 1728 112 22,99 1998 19.6 54.5 FE 3-6 Months OEL 7,5 Grd Wehr Blankenese 1726 112 22,9 1999 19.6 54.5 FE 3-5 Months OOCL 7,65 Grd Jork Valiant 1128 82 18,452 2 18 42 MED 4-6 Months CMA CGM 6,5 Grd Vega Sachsen 1118 71 13,76 28 19.6 39.3 CARIBS 6 Months SFL 7,15 Grd Stadt Bremerhaven 1118 71 13,76 26 19.5 41 MED 2-5 Months CMA CGM 6,3 Grd Karin Rambow 1118 71 13,76 25 19 4 SINGAPORE 3-5 Months MCC 5,7 Clarkson Standard Container Ship Types Timecharter Rate Data Fully Cellular Containerships Feeder geared 34/365 teu 22/24@14t 12.5k on 11 375/475 dwt Feedermax geared 7/75 teu 43/45@14t 16½k on 21-23 75/85 dwt Handy geared 1/11 teu 63/66@14t 18k on 27-3 12/13 dwt Handy geared 165/175 teu 18/112@14t 19k on 48-5 22/23 dwt Sub-P max g less 185/21 teu 155/165@14t 19½ k on 5-55 29/3 dwt Sub-P max geared 24/26 teu 195/25@14t 22k on 7-75 34/36 dwt Sub-P max g less 26/29 teu 2/21@14t 22k on 88-92 36/38 dwt P max g less 34/36 teu 255/265@14t 22½k on 1-15 44/45 dwt P max g less 43/45 teu 32/335@14t 24k on 15-16 6/62 dwt Multi-Purpose (MPP) Vessels MPP (liner) 17, dwt 9 teu MPP (liner) 9, dwt 65 teu Newbuilding & Secondhand prices are also quoted for a selection of the fully cellular containership types listed above. Price Data Containership Newbuilding/Secondhand Handy grd 1/11 teu 64/74@14t Handy grd 165/175 teu 13/14@14t v Sub-P max grd 24/26 teu 19/2@14t# Wide Beam gls 36/38 teu 3@14t Panamax gls 43/45 teu 28/29@14t Wide Beam gls 48 teu 36@14t Panamax gls 51 teu 33@14t Post P max gls 66/68 teu 49@14t* Post P maxgls 85/91 teu 71/73@14t^ Post P maxgls 13 teu V Resale; 5yo+ 115/125@14t, #Resale; 5yo+ 185@14t, *Resale; 5yo+ 45/47@14t, ^Resale; 5yo 64/66@14t. Multi-Purpose(MPP)Newbuilding MPP (liner) 17, dwt 98 teu MPP (liner) 28, dwt 17 teu Ro-Ro Newbuilding & Secondhand (euros) Ro-Ro 23/25lm 2k 6.8-7m FHT 7/1 dwt Ro-Ro 35/4lm 2k 6.8-7m FHT 1/12 dwt Clarkson Research Services Page 5 Jul-14

Secondhand Prices Liner Vessel End Year, $m.* Three Month Asset Play in Focus Prices 211 212 213 Jun Trend Long Term Price Trends CONTAINERSHIPS 1, teu grd 5yo 29 13.5 8. 8.5 8.5 STEADY % 1, teu grd 1yo 24 8.5 5. 5.3 5.3 STEADY % 1, teu grd 15yo 1999 5.5 2.5 3. 3.3 HIGHER 6% 1,7 teu grd 5yo 29 17. 13. 14.3 14. STEADY -2% 1,7 teu grd 1yo 24 12.3 8. 9.3 9.5 STEADY 3% 1,7 teu grd 15yo 1999 8. 3.8 6. 6. STEADY -3% 2,5 teu grd 5yo 29 23. 18. 19.5 18.5 STEADY -3% 2,5 teu grd 1yo 24 18. 11. 14. 13. LOWER -5% 2,5 teu grd 15yo 1999 12.3 5.5 8.3 9. STEADY 1% 2,75 teu gls Resale 29. 23. 23. 23. STEADY % 2,75 teu gls 5yo 29 23. 17. 16.3 16.3 STEADY % 2,75 teu gls 1yo 24 18. 1. 1.3 1.3 STEADY -3% 2,75 teu gls 15yo 1999 12.3 5.5 6.3 6. STEADY -3% 3,5 teu gls^ 5yo 29 31.5 21.5 17. 17. STEADY % 3,5 teu gls^ 1yo 24 27. 13. 11. 11. STEADY % 3,5 teu gls^ 15yo 1999 16. 7. 7. 7. STEADY % 3,8 teu gls' Resale 45. 35. 4. 35. LOWER -4% 4,5 teu gls^ 5yo 29 38. 25.5 2. 18. STEADY % 4,5 teu gls^ 1yo 24 3.5 14. 12. 12.8 HIGHER 4% 4,5 teu gls^ 15yo 1999 23. 9. 9. 1.3 HIGHER 6% 4,8 teu gls' Resale 55. 45. 49. 43. STEADY -4% 5,1 teu gls^ 5yo 29 44. 28.5 22. 2. STEADY % 5,1 teu gls^ 1yo 24 34.5 18. 13. 14. HIGHER 6% 6,6 teu gls' Resale 65. 56. 66. 66. STEADY % 6,6 teu gls' 5yo 29 5. 42.5 52. 52. STEADY % 6,6 teu gls' 1yo 24.. 37.5 37.5 STEADY % 8,8 teu gls' Resale 85. 8. 87. 87. STEADY % 8,8 teu gls' 5yo 29 69. 63.5 67. 67. STEADY % 1 Yr Old Cont'ship Index 66 37 37 38 STEADY % RO-RO TRAILERS, euro m. Ro-Ro 25 lm 5yo 29 3.5 28. 25. 25. STEADY % Ro-Ro 25 lm 1yo 24 22. 21. 17. 17. STEADY % Ro-Ro 25 lm 15yo 1999 14.3 14. 14. 13. STEADY % Ro-Ro 4 lm 5yo 29 25. 25. 25. STEADY % Ro-Ro 4 lm 1yo 24 2. 18. 18. STEADY % Ro-Ro 4 lm 15yo 1999 18. 16. 15. STEADY % Most prices are sourced from Clarkson brokers, based on the ship specifications on page 5, or Clarkson Research models. We would urge readers to use all the prices quoted here with caution and to contact us directly for information about specific prices. Container Index based on Jan '96 =1. *Ro-Ro prices in euro m. ^Panamax. 'Post-Panamax/wide-beam. Volume of Year This Year's Sales 211 212 213 Jun'' Trend 1% 8% 6% 4% 2% % -2% -4% -6% -8% 3 25 2 15 1 5 6 5 Jun-6 Jun-4 Containership Price Index % change y-o-y Jun-5 Jun-6 Jun-7 Jun-8 Jun-9 Jun-1 Jun-11 Containership Sales Activity No. sales Jun-7 US$m Jun-8 Jun-9 Jun-1 Jun-11 Jun-12 Secondhand Investment Jun-12 Jun-13 Jun-13 Estimated investment, 3 month moving average. Jun-14 Jun-14 Containerships, ' teu 1-999 teu 11.1 37.8 22.6 13.2 HIGHER 17% 1-2,999 teu 7.6 122.9 166.4 68.6 LOWER -18% 3, &+ teu (Panamax) 67.1 31.8 48.5 9.5 HIGHER 273% 3-7,999 teu (Post-Pmax) 43.2 62.8 63.4 46.2 HIGHER 46% 8-11,999 teu (Post-Pmax)... 4.8 #DIV/! ##### 12, &+ teu (Post-Pmax) 67.... LOWER ##### Containership Total (' teu) 258.9 255.3 3.9 259.4 HIGHER 72% y-o-y growth -31% -1% 18% Containership Total (no. sales) 93 154 144 92 HIGHER 28% y-o-y growth -46% 66% -6% MPP/Ro-Ro (' teu) 36. 24.5 31.2 14.5 LOWER -7% Other Liner (' teu) 1.6 1.3 1.4.4 LOWER -49% Liner Total (' teu) 296.5 281.1 333.5 274.2 HIGHER 64% 4 3 2 1 Jun-6 Jun-7 Jun-8 Jun-9 Jun-1 Jun-11 Jun-12 Jun-13 Jun-14 Note: This year's trend based on annualised figures. ''Data to end of month. Clarkson Research Services Page 6 Jul-14

Sale & Purchase Market Commentary German owners Hammonia Shipping purchased a wide-beam resale (built 214, Weihai Samjin, 5,1 TEU/3,555 at 14t) from Horst Zeppenfeld for a reported price of around $43m. The vessel is scheduled to be delivered in August. Meanwhile, Sinokor continued its interest in the Panamax sector with the purchase of the Conti Anping (built 26, Hyundai H.I., 4,298 TEU/2,81 at 14t) for $14m from Conti Reederei. Also in the Panamax sector, at the end of June, the Manhattan (built 25, Hyundai Samho, 5,18 TEU/3,3 at 14t) was sold by NSC Schiffahrt to clients of Cyprus Maritime for $15m. Elsewhere, reefer operator Seatrade has acquired 2 x 2,2 TEU resales from Deutsche Afrika Linien for $3m each. The geared vessels which are to be fitted with 5 reefer plugs, are being built at Chinese yard Zhejiang Yangfan, and are scheduled to be delivered in 215 and 216. In the feeder sector, the Leo Authority (built 1997, Imabari S.B., 1,56 TEU/1,21 at 14t) was sold by Tokei Kaiun to Chinese interests for $4.5m. Similarly, the Vulkan (built 1996, Stocz. Szczecin, 1,728 TEU/1,12 at 14t, 3 x 4t cr.) was sold by Komrowski to undisclosed interests for $4.5m. Finally, in the MPP sector, the Ruijin (built 1991, Nishi S.B., 8,36 dwt, 214 TEU, 1 x 25t d.) was sold by COSCO Jiangxi to undisclosed interests for $1.4m. Recently Reported Secondhand Sales Vessel Type Vessel Name Dwt Teu Nom/Hom Built Yard Date Price (mill.) Buyers MPP 1x25t D Ruijin 8,36 214 1991 Nishi S.B. Co. Jun '14 $1.4 Undisclosed interests FCC N/B RESALE HULL 41 61,45 5,1 3,555 214 Weihai Samjin Jun '14 Clients of Hammonia Shpg. FCC N/B RESALE HULL* 3, 2,2 215 Zhejiang Yangfan Jun '14 $3 Clients of Seatrade Groninegen FCC N/B RESALE HULL* 3, 2,2 216 Zhejiang Yangfan Jun '14 $3 Clients of Seatrade Groninegen FCC Conti Anping 53,627 4,298 2,81 26 Hyundai H.I. Jun '14 $14 Clients of Sinokor FCC Leo Authority 24,336 1,56 1,21 1997 Imabari S.B. Jun '14 $4.5 Chinese interests FCC 2x45t C Devon Strait 13,76 1,118 71 28 Jinling Shipyard Jun '14 Undisclosed interests FCC 3x4t C Vulkan 22,983 1,728 1,12 1996 Stocz. Szczecin Jun '14 $4.5 Undisclosed interests MPP 2x4t C Narjes 5,215 349 225 1995 Marmara Tersanesi May '14 $1.4 Iraqi interests FCC YM Utmost* 11,597 8,28 6,33 26 Hyundai H.I. May '14 $58 Undisclosed interests FCC SC Rotterdam* 5,953 4,253 2,85 22 Samsung H.I. May '14 $11 Clients of Sinokor FCC SC Tianjin* 5,953 4,5 2,8 21 Samsung H.I. May '14 $11 Clients of Sinokor FCC YM Unison* 11,411 8,28 6,33 26 Hyundai H.I. May '14 $58 Undisclosed interests FCC SC Qingdao* 5,953 4,5 2,8 21 Samsung H.I. May '14 $11 Clients of Sinokor FCC 2x4t C Westerkade 8,43 712 424 2 Cassens Werft May '14 $2 Undisclosed interests FCC 3x4t C Merkur Beach 22,996 1,728 1,12 1996 Stocz. Szczecin May '14 $3 Undisclosed interests MPP 2x36t C Alex Y 5,1 218 22 Damen Shipyards May '14 $2.15 Undisclosed interests FCC Santa Paola 66,821 5,42 3,32 25 Hyundai H.I. May '14 $14 Clients of Sinokor FCC Pugwash 63,645 4,545 3,355 1997 Hyundai H.I. May '14 $9 Clients of MSC FCC 3x45t C E.R. Lubeck 33,588 2,474 1,889 2 Volkswerft May '14 $9.65 Clients of Costamare Shipping FCC 3x4t C Conti Valencia* 34,51 2,456 1,78 1998 Daewoo May '14 Undisclosed interests FCC 3x4t C Conti Cartagena* 33,29 2,446 1,843 1997 Daewoo May '14 Undisclosed interests MPP 2x5t C Musashi 13,721 468 27 Shin Kochi Jyuko May '14 $8 Undisclosed interests FCC 2x45t C HS Schubert 23,58 1,732 1,282 26 Guangzhou Wenchong Apr '14 $11.8 Greek interests FCC 2x36t C PAC Natuna* 11,593 85 624 1997 Tachibana S.B. Apr '14 $6.2 Clients of Salam Pacific FCC 2x4t C New Blessing* 1,5 82 566 1998 Jurong S.Y. Apr '14 # Clients of Salam Pacific FCC 3x45t C Merian 2,336 1,452 1,11 1994 Kv. Warnowwerft Apr '14 $4 Clients of CIH FCC 3x45t C Neptun* 29,24 1,835 1,392 1999 Stocznia Gdynia Apr '14 $5 Clients of Chartworld Shpg. Corp. FCC 3x45t C Uranus* 29,24 1,835 1,392 1999 Stocznia Gdynia Apr '14 $5 Clients of Chartworld Shpg. Corp. FCC 3x4t C ACX Marguerite 24,386 1,613 1,25 1997 Shin Kurushima Apr '14 $5 Clients of Kanway Line FCC 2x4t C Imari 24,376 1,613 1,25 1997 Shin Kurushima Apr '14 $5 Clients of Kanway Line FCC 3x4t C Conti Bilbao 33,33 2,456 1,78 1997 Daewoo Apr '14 $5.75 Norwegian interests FCC 2x4t C Sawasdee Jakarta 2,72 1,512 1,48 1996 Thyssen Nordsee Apr '14 $3.5 Clients of OEL MPP 2x4t C Norstar 9,372 536 1996 Varna Shipyard Apr '14 Undisclosed interests MPP 2x3t C Amy C* 13,538 65 26 Kyokuyo S.Y. Apr '14 $7.25 Greek interests MPP 2x3t C Heleen C* 13,497 65 26 Kyokuyo S.Y. Apr '14 $7.25 Greek interests FCC 2x35t C Ville de Dubai 11,116 847 554 1996 Qingshan Shipyard Apr '14 $1.9 Undisclosed interests FCC Rafflesia 24,581 1,675 1,2 1997 Kanasashi K.K. Mar '14 Undisclosed interests * En bloc sales. # En bloc price shown under price of first ship of bloc. Clarkson Research Services Page 7 Jul-14

Newbuilding Market Recently Reported Orders S Type Date Dwt/Teu Delivery Builder Price Owner/Manager* 5 PCC Jun-14 3, 217 Toyohashi SB K-Line 5 PCC Jun-14 3, 217 Toyohashi SB K-Line 5 RoPax May-14 1, Dec 216 Flensburger S.B $m 92. SeaRoad Shipping 5 Container May-14 33, 2,4 216 Bohai Shipbld. NOSC 5 Container May-14 33, 2,4 216 Bohai Shipbld. NOSC 5 Container May-14 33, 2,4 216 Bohai Shipbld. NOSC 5 Container May-14 3,35 2,35 216 Zhejiang Yangfan Schulte Group 5 Container May-14 3,35 2,35 216 Zhejiang Yangfan Schulte Group 5 Container May-14 3,35 2,35 216 Zhejiang Yangfan Schulte Group 5 Container May-14 3,35 2,35 216 Zhejiang Yangfan Schulte Group 5 PCC May-14 5, 216 Jinling Shipyard Anji Automotive Log 5 PCC May-14 23, Sep 215 Hyundai H.I. Hyundai Glovis 5 PCC May-14 23, Nov 215 Hyundai H.I. Hyundai Glovis 5 PCC May-14 23, Jan 216 Hyundai H.I. Hyundai Glovis 5 PCC May-14 23, Mar 216 Hyundai H.I. Hyundai Glovis 5 Container May-14 2, 1,4 216 Yangzhou Guoyu Nordic Hamburg 5 Container May-14 2, 1,4 216 Yangzhou Guoyu Nordic Hamburg 5 MPP Apr-14 7, 5 Jan 216 Jiangzhou Union SB Unknown German Owner 5 MPP Apr-14 7, 5 Mar 216 Jiangzhou Union SB Unknown German Owner 5 MPP Apr-14 7, 5 May 216 Jiangzhou Union SB Unknown German Owner S = Status, where: 5= confirmed order, 16 = unconfirmed order, 17 = option. * The Primary Reference Company, as used in the Clarkson Fleet Database i.e. the company with the main commercial responsibility for the ship. Latest Newbuilding Market News Summer in the Northern Hemisphere has seen a marked slowdown in contracting activity in the containership sector. At the start of July Arkas Line ordered an additional two 2,5 TEU containerships at Zhejiang Ohua. This follows their initial order for two units in April, taking the series to four vessels. Delivery is scheduled for 216 and 217. In the PCC sector, K-Line placed an order for two 7,5 ceu vessels at Japanese yard Toyohashi Shipbuilding. The ships are scheduled to be delivered in 217. So far this year, 16 PCCs of a combined 12,2 ceu have been ordered. This includes 12 ships of 7,+ ceu, two vessels of 3,8 ceu, and two smaller ships of 2, ceu each. In the MPP sector, 33 vessels were contracted in the first half of 214, all at Chinese shipyards. 22 of these ships are of 12-12,5 dwt, while four very large 55,5 dwt MPP vessels were contracted at Taizhou Kouan in April, with delivery set for 216-17. Newbuilding Year End, $m.* Three Month Prices 211 212 213 Jun Trend Containerships Feedermax 725 teu grd 15.5 13. 14. 14.9 STEADY 2.1% Handy 1, teu grd 2. 18. 19.5 2.3 STEADY 2.5% Handy 1,7 teu grd 3.5 25. 26. 26.8 STEADY.6% Sub-Panamax 2,5 teu grd 39. 28. 33. 34.5 STEADY 1.% Sub-Panamax 2,75 teu gls 38.3 3.5 31.5 32. STEADY 1.1% Post-Panamax 3,7 teu gls 49.5 36.8 39. 41. HIGHER 4.7% Post-Panamax 4,8 teu gls 59. 45. 5.5 53. HIGHER 4.3% Post-Panamax 6,6 teu gls 69. 58. 65.5 68. STEADY 1.% Post-Panamax 8,8 teu gls 92.5 76.5 85.5 88.5 STEADY.8% Post-Panamax 1, teu gls 98.5 85.5 95.5 98.5 STEADY 1.2% Post-Panamax 13, teu gls 128. 17. 113.5 116.5 STEADY.7% Container NB Price Index 91 73 79 82 STEADY 2.% Ro-Ro Vessels, euro m. 2,-2,5 Lane m. 41. 41. 41. 43. HIGHER 4.1% 3,5-4, Lane m. 51. 51. 53. HIGHER 4.1% Dry Cargo MPP 17, dwt 24.5 19.8 2.5 21.3 STEADY.8% MPP 28, dwt 28. 26.3 27.5 28.3 STEADY.6% PCC 6,5 cars 67. 64.5 66.5 67.5 STEADY 1.8% Prices assume a "European spec." and 2/2/2/2/2% payments, basis "competitive yards" quotations. Prices relate to market contracts where these have taken place and to brokers' best estimates when no contracts have occurred, and can vary as to country of build, delivery date and ship spec. 48 teu based on wide beam vessel (previously 45 teu), 43 teu on Panamax beam. See page 5 for further details. *Ro-Ro prices in euro m. Newbuilding Price Index Containership Newbuilding Contracts Clarkson Research Services Page 8 Jul-14 14 13 12 11 1 9 8 7 9 8 7 6 5 4 3 2 1 Jan '5 Index, Dec'96 = 1 Containership Newbuilding Index Jan '6 Jan '7 No. Contracts Jan '8 Jan '9 Jan '1 Jan '11 Jan '12 Jan '13 Jan '14 Jun '8 Dec '8 Jun '9 Dec '9 Jun '1 Dec '1 Jun '11 Dec '11 Jun '12 Dec '12 Jun '13 Dec '13 Jun '14

Containership Building Shipbuilder...Country Containership Orderbook, July 214 1-2,999 teu 3-7,999 teu 8-11,999 teu 12,+ teu 214 215 216+ Total No. teu No. teu No. teu No. teu No. teu No. teu No. teu No. teu Hyundai H.I. South Korea 12 11.3 36 552.2 11 147.9 27 389. 1 125.6 48 662.5 Daewoo South Korea 14 135.5 19 335.2 7 89.3 16 256. 1 125.3 33 47.7 Samsung H.I. South Korea 1 4.7 13 12.1 12 17. 5 61.1 9 83.7 12 149.9 26 294.7 HHIC-Phil. Inc. Philippines 17 93.3 14 138.3 12 67.5 14 111. 5 53.1 31 231.6 CSBC Taiwan 16 28.8 6 28. 5 42.5 5 7. 7 34.6 16 57.5 9 77.2 32 169.3 Jiangsu New YZJ China P.R. 9 14.3 15 15. 1 59.8 9 63.3 5 41.1 24 164.3 Imabari S.B. Japan 3 3.2 1 139.4 8 72.5 5 7. 13 142.5 Dalian Shipbuilding China P.R. 11 42.9 1 9.4 4 31.8 12 77.2 5 24.4 21 133.3 STX Shipbuild. South Korea 3 27.6 6 95.4 2 31.8 6 82. 1 9.2 9 123. Japan Marine United Japan 8 112. 8 112. 8 112. Hudong Zhonghua China P.R. 11 13.2 3 3. 6 54.4 2 18.8 11 13.2 Jinhai Heavy Ind. China P.R. 3 7.5 1 88. 4 35.2 9 6.3 13 95.5 New Times S.B. China P.R. 9 81.2 2 18.6 7 62.6 9 81.2 Hyundai Samho South Korea 7 62.9 1 8.4 4 35.7 2 18.9 7 62.9 Huangpu Wenchong (W) China P.R. 27 57.2 1 2. 1 2.9 7 16.3 27 57.2 STX Dalian China P.R. 2 4. 1 5.3 5 19.1 6 3.2 1 5. 12 54.3 Jiangnan Changxing China P.R. 3 53.6 3 53.6 3 53.6 Shanghai Jiangnan China P.R. 5 47. 5 47. 5 47. Zhejiang Ouhua China P.R. 15 27.4 3 14.4 11 28.2 3 5.2 4 8.5 18 41.8 Zhejiang Yangfan China P.R. 18 41.4 3 7.1 1 22.8 5 11.6 18 41.4 Daewoo-Mangalia Romania 4 36.5 3 27.4 1 9.1 4 36.5 Jiangsu Rongsheng China P.R. 5 33.8 5 33.8 5 33.8 Shanghai S.Y. China P.R. 7 28.6 7 28.6 7 28.6 CIC (Jiangsu) China P.R. 3 28.2 3 28.2 3 28.2 Nantong Cosco KHI China P.R. 2 26.8 2 26.8 2 26.8 Jiangnan SY Group China P.R. 5 5.5 2 18.8 3 3.3 4 21. 7 24.3 Zhoushan Wuzhou China P.R. 6 15. 3 7.5 3 7.5 6 15. Hyundai Mipo South Korea 7 12.8 1 1.9 4 7.8 2 3.1 7 12.8 Rongcheng Shenfei China P.R. 1.9 3 1.2 3 1.2 1.9 4 11.1 Weihai Samjin China P.R. 2 1. 2 1. 2 1. Sainty SB (Yangzhou) China P.R. 4 9.4 1 2.4 3 7.1 4 9.4 Taizhou Catic China P.R. 2 8.7 2 8.7 2 8.7 Eisa Shipyard Brazil 3 8.1 1 2.7 2 5.4 3 8.1 Bohai Shipbld. China P.R. 3 7.2 3 7.2 3 7.2 Aker Philadelphia United States 2 7.2 2 7.2 2 7.2 Gen. Dynamics NASSCO United States 2 6.2 1 3.1 1 3.1 2 6.2 Dae Sun S.B. South Korea 5 5. 2 2. 3 3. 5 5. Jinling Shipyard China P.R. 1 5. 1 5. 1 5. Kyokuyo S.Y. Japan 5 4.9 1 1.1 3 3.3 1.5 5 4.9 Tsuneishi Zhoushan China P.R. 4 4.1 4 4.1 4 4.1 Recently Reported Deliveries Type Vessel name Date Flag Teu Dwt Owner Yard Price GCargo Glory Pioneer Jun-14 SG. 8,777 Glory Navigation Co. Shin Kochi Jyuko PCC Glovis Symphony Jun-14 M.I. 19,41 Hyundai Glovis Hyundai Samho MPP Kota Bistari Jun-14 SG. 1,4 27, Pacific Int. Lines Kouan S.B. Container KMTC Mumbai Jun-14 PA. 5,4 65,128 KMTC HHIC-Phil. Inc. $m 45. Container Hanjin Tabul Jun-14 H.K. 1, 115,86 Seaspan Corp. Jiangsu New YZJ $m 98. Container CMA CGM Danube Jun-14 MA. 9,289 113,8 CIMC Dalian Shipbuilding $m 82. Container Lagarfoss Jun-14 AT. 875 12,15 Eimskip Rongcheng Shenfei $m 25. Container Niledutch Breda Jun-14 NE. 3,58 47,2 Nile Dutch Africa Shanghai S.Y. $m 51. Container Kota Sabas Jun-14 SG. 3,9 51,5 Pacific Int. Lines Dalian Shipbuilding $m 4. Container Wide Bravo Jun-14 M.I. 5,466 65,152 Rickmers Reederei HHIC-Phil. Inc. GCargo Thorco Lineage Jun-14 PH. 2 16,949 Thorco Shipping Honda Zosen K.K MPP Al Hadbaa Jun-14 JO. 7 17,5 ISCMT Dae Sun S.B. $m 24.5 Container Hyundai Drive Jun-14 M.I. 13,1 145,979 Hyundai M.M. Daewoo $m 128. PCC Gravity Highway Jun-14 BS. 21, Ray Shipping Hyundai Mipo Container Thalassa Niki Jun-14 SG. 13,86 152,344 Enesel S.A. Hyundai H.I. $m 114. Container Hanjin Ami Jun-14 H.K. 1, 115,26 Seaspan Corp. Jiangsu New YZJ $m 98. Container Cap San Sounio Jun-14 SG. 9,669 124,479 Enesel S.A. Hyundai H.I. $m 118. Container Hammonia America Jun-14 LI. 4,896 56,62 Hammonia Reederei Zhejiang Ouhua Clarkson Research Services Page i Jul-14

Container Fleet Age Profile FCC Fleet Number, Teu Fleet Ratios Profile Age Profile (years) Age Profile (years) Jul 2 yrs+/ O'book/ (by TEU size range) 25+ 2-24 15-19 1-14 5-9 -4 25+ 2-24 15-19 1-14 5-9 -4 214 Fleet Fleet 1/999 (Feeder) 152 99 319 156 33 68 62 53 178 18 23 47 678 17% 1% 1/1999 (Handy) 39 98 279 185 47 29 58 137 385 267 572 292 1,711 11% 6% 2/2999 (Sub-P'max) 22 23 131 168 246 61 54 58 314 419 648 161 1,653 7% 9% Sub-3, 213 22 729 59 956 338 173 248 877 794 1,45 5 4,42 1% 7% 3/3999 (Panamax) 12 19 48 39 86 36 41 61 172 129 291 124 818 12% 2% 4/4999 (Panamax) 2 16 52 17 228 127 9 71 226 473 999 553 2,331 3% 5&+ (Panamax) 6 72 18 3 364 92 486 Panamax 3,+ 14 35 1 152 386 181 5 133 398 632 1,654 768 3,635 5% 1% <5 (Post-Panamax) 3 9 6 5 11 13 44 26 21 443 547 2% 28% 5/5999 (P-P'max) 34 15 62 37 182 587 351 21 1,321 8% 6/6999 1 68 81 68 64 444 529 449 1,487 4% 7/7999 5 4 22 18 37 29 161 131 357 4% Post-Panamax <8, 3 58 183 17 224 13 327 1,85 1,61 1,225 3,712 % 9% 8/8999 4 19 123 136 33 157 1,22 1,157 2,368 14% 9/9999 3 3 6 32 29 29 555 33 916 68% 1/11999 16 39 171 411 583 58% Post-Panamax 8-11,999 7 22 199 27 61 185 1,748 1,872 3,867 33% 12/13999 3 124 41 1,634 1,674 14% 14/15999 8 27 124 379 53 142% 16/17999 3 48 48 211% 18&+ 9 164 164 311% Post-Panamax 12,+ 11 163 165 2,225 2,39 65% TOTAL 227 258 894 866 1722 1113 223 394 1,664 2,697 6,79 6,59 17,646 3% 2% MPP Fleet Number, Teu Fleet Ratios Profile Age Profile (years) Age Profile (years) Jul 2 yrs+/ O'book/ (by TEU size range) 25+ 2-24 15-19 1-14 5-9 -4 25+ 2-24 15-19 1-14 5-9 -4 214 Fleet Fleet 1/199 223 139 116 17 146 97 33 21 17 16 22 15 125 44% 1% 2/349 22 94 148 13 195 129 53 24 38 27 52 35 23 34% 1% 35/499 61 57 97 71 74 14 25 23 39 28 3 44 189 26% 2% Feeder 486 29 361 281 415 33 112 69 94 71 14 94 544 33% 1% 5/749 61 35 81 98 21 127 36 22 51 57 132 81 379 15% 9% 75/999 5 14 26 25 49 79 4 12 23 22 44 72 178 9% 3% Feedermax 66 49 17 123 259 26 4 34 74 79 176 154 557 13% 7% 1/1249 3 1 13 28 6 6 3 1 14 31 7 67 133 1% 3% 125/1499 2 12 1 9 24 3 15 13 12 32 76 3% 8% 15&+ 1 3 21 2 56 2 6 39 4 98 148 1% 9% Handy 4 13 28 59 17 166 5 15 35 84 22 25 412 5% 2% TOTAL 556 352 496 463 691 72 157 118 24 234 32 498 1,513 18% 8% Note : FCC fleet is the fully cellular containership fleet. MPP fleet is the multi-purpose vessel fleet. Containership Fleet Age Profile Multi-Purpose Fleet Age Profile, teu, teu 7, 6,59 6 6,79 6, 5 498.4 5, 4 4, 3, 2, 2,697 1,664 3 2 31.7 234.2 23.8 156.8 117.7 1, 394 223 1 25+ 2-24 15-19 1-14 5-9 -4 25+ 2-24 15-19 1-14 5-9 -4 Clarkson Research Services Page ii Jul-14

Container Fleet Characteristics FCC Fleet Avg. Size/Age Average Average Geared Profile Nom Hom Dwt Dwt Years Speed/Cons Dimensions (m.) % (by TEU size range) Teu Teu per Teu Knots t/day LOA Beam Draft N. Teu 1/999 (Feeder) 618 441 8,47 13.6 15.7 16.1 25.5 123.4 19.7 7.1 4% 1/1999 (Handy) 1,46 1,12 19,267 13.7 11.4 19.2 48.2 166.8 25.6 9.4 54% 2/2999 (Sub-P'max) 2,539 1,932 35,123 13.8 11.4 21.7 82.7 29.1 3.5 11.4 52% Sub-3, 1,363 1,31 18,73 13.7 13. 18.7 49.6 16. 24.5 9. 51% 3/3999 (Panamax) 3,49 2,491 44,391 13. 11.4 22.7 19.8 239.6 32.2 11.8 21% 4/4999 (Panamax) 4,381 2,947 55,42 12.6 8.7 24.1 144.7 273. 32.2 12.6 5&+ (Panamax) 5,66 3,335 66,336 13.1 7.2 25. 166.7 294.1 32.2 13.3 Panamax 3,+ 4,188 2,861 53,567 12.8 9.3 23.8 137.5 266.1 32.2 12.5 5% <5 (Post-Panamax) 4,412 3,294 58,44 13.2 4.2 22.3 123.4 254.2 37.1 13. 24% 5/5999 (P-P'max) 5,551 4,163 68,367 12.3 1.5 24.8 193.4 277.2 39.7 13.7 6/6999 6,549 4,832 8,889 12.4 7.6 25. 224.4 299.5 4.5 14. 7/7999 7,289 5,733 91,235 12.5 7.5 24.2 29.5 34.2 43.2 14. Post-Panamax <8, 5,818 4,376 72,649 12.5 8. 24.4 194.9 282.8 39.7 13.7 3% 8/8999 8,396 6,45 12,743 12.2 5.4 24.7 243. 328.5 44. 14.4 9/9999 9,349 7,124 112,148 12. 5.7 24.4 246.1 34.5 45. 14.7 1/11999 1,593 7,933 122,75 11.6 3.3 24.8 258.9 35.4 46. 14.7 Post-Panamax 8-11,999 8,889 6,699 17,392 12.1 5.2 24.6 245.7 334. 44.5 14.5 12/13999 11,69 8,47 129,565 11.2 1.9 2.9 218.1 32. 43.1 13.4 14/15999 14,371 1,89 157,142 1.9 3.3 24. 262.1 373.8 52.3 15.3 16/17999 16,2 12,1 186,47 11.6 1.2 24.1 288. 395. 53.6 16. 18&+ 18,27 194,736 1.7.4 23. 399.7 59. 16. Post-Panamax 12,+ 13,735 9,536 152,398 11.1 2.3 24.1 258.7 369.9 5.4 15.3 TOTAL 3,474 2,33 43,625 12.6 1.7 2.9 16.3 215.7 3.3 1.9 13% MPP Fleet Avg. Size/Age Average Average Heavy Lift Profile Nom Hom Dwt Dwt Years Speed/Cons Dimensions (m.) 5t & over (by TEU size range) Teu Teu per Teu Knots t/day LOA Beam Draft % N. Teu 1/199 15 133 4,39 26.9 18. 11.7 7.3 93.8 13.9 5.4 2% 2/349 264 196 5,69 21.3 16.4 12.8 1.8 15.2 15.7 6. 13% 35/499 48 268 7,824 19.2 14.1 14.2 15.7 115.5 17.5 7.1 34% Feeder 251 28 5,483 21.8 16.5 12.7 1.8 13. 15.4 6. 18% 5/749 619 415 11,154 18. 11.5 14.9 21.6 131.2 2. 7.9 52% 75/999 899 631 16,623 18.5 9. 15.9 29.9 149.5 22.8 9.2 67% Feedermax 687 459 12,491 18.2 1.9 15.2 23.7 135.6 2.7 8.2 57% 1/1249 1,15 725 22,426 2.3 9.2 15.9 32.8 166.9 25.3 9.8 67% 125/1499 1,333 924 24,92 18.7 8.5 15.5 32.6 172.9 26.3 1.2 52% 15&+ 1,782 1,368 29,1 16.3 5.3 16.7 43.1 18.7 27.5 1.5 8% Handy 1,437 1,38 26,84 18.2 7.3 16.1 35.1 174.9 26.5 1.2 69% TOTAL 464 369 9,38 19.5 14.3 13.6 16.4 117.5 17.7 6.9 46% All parameters as of current month. Containership Fleet with Gear Multi-Purpose Fleet with Heavy Lift 5t & Over 6% 5% 54% 52% By TEU range 1% 8% By TEU range 8% 4% 4% 6% 52% 67% 67% 52% 3% 2% 21% 4% 34% 1% 2% 13% % % 1-999 1-1999 2-2999 3-3999 4-4999 % 2% 1-199 2-349 35-499 5-749 75-999 1-1249 125-1499 15+ Clarkson Research Services Page iii Jul-14

Container Fleet Ownership Top Operator Owned end'12 end '13 Fleets Fleet Fleet Orderbook Schedule Jul-14 Jul-14...teu No. teu No. teu No. teu No. teu % Flt 214 215 216+ 1 Maersk 241 1,38,212 251 1,417,524 256 1,58,874 11 2,97 13% 36,54 19,62 54,81 2 MSC 167 91,598 162 914,448 162 897,626 3 CMA-CGM 94 548,383 95 574,519 95 574,378 9 61,8 11% 48, 6,3 7,5 4 Evergreen 94 388,634 15 476,676 16 512,743 6 5,992 1% 25,468 25,524 5 China Shpg 8 48,796 85 429,767 81 47,126 8 125, 27% 68, 57, 6 COSCO 124 418,477 116 468,156 98 452,91 7 73,772 16% 26,772 47, 7 NOL/APL 45 251,233 47 354,336 55 451,67 1 9,2 2% 9,2 8 Hapag-Lloyd 66 354,34 64 387,114 67 426,621 9 OOCL 44 269,976 54 393,416 56 419,832 4 35,552 8% 35,552 1 Hanjin 51 319,17 56 376,755 43 319,85 1 4,662 1% 4,662 11 K Line 54 293,73 51 288,77 51 288,77 5 69,35 24% 69,35 12 NYK 63 297,514 62 292,632 57 286,2 13 Yangming 56 268,8 53 261,348 53 265,977 6 27,972 11% 13,986 13,986 14 Hamburg-Sud 47 223,78 42 236,95 44 257,336 9 72,9 28% 41,4 21, 1,5 15 Mitsui OSK 46 271,978 44 263,25 41 252,91 16 PIL 96 195,727 16 233,87 15 238,46 11 42,9 18% 3,9 23,4 15,6 17 UASC 27 214,618 27 214,618 27 214,618 17 262, 122% 18, 146, 98, 18 Wan Hai 7 161,34 72 173,885 72 173,885 19 HMM 2 119,685 2 119,685 23 158,985 2 26,2 16% 26,2 2 Zim 28 148,31 28 15,798 28 15,798 21 CSAV 17 17,298 15 94,216 15 94,216 7 65,1 69% 65,1 22 HDS Lines 26 92,472 19 6,378 19 6,378 23 RCL 37 49,953 38 5,518 38 5,518 24 Arkas 29 41,46 31 43,518 34 5,371 2 5, 1% 5, 25 SITC 27 25,166 31 31,1 33 34,284 12 21,6 63% 3,6 14,4 3,6 Note : Operator owned fleets are fleets owned by service providers. Top Charter Owner end'12 end '13 Fleets Fleet Fleet Orderbook Schedule... Jul-14 Jul-14...teu No. teu No. teu No. teu No. teu % Flt 214 215 216+ 1 C-P Offen 19 655,698 1 637,95 96 618,22 2 Seaspan 69 41,947 71 411,125 76 461,125 3 36, 78% 5, 2, 11, 3 Blue Star Holding 117 531,129 11 494,536 88 447,39 4 Peter Dohle 111 396,921 19 42,27 11 411,653 4 5,28 12% 5,28 5 Costamare 51 241,1 61 311,33 65 34,332 11 137,83 4% 22,2 115,81 6 Danaos Shpg 64 36,522 59 342,517 54 318,773 7 Norddeutsche 74 324,967 7 312,486 7 312,478 8 Rickmers Group 69 38,438 8 43,728 14% 27,33 16,398 9 NSB N'elbe 74 329,855 59 29,235 48 264,312 1 Schulte Grp 48 16,971 49 19,963 53 212,563 12 28,2 13% 7,5 11,75 9,4 11 Zodiac M'time 58 331,57 32 187,985 36 29,941 2 173,932 83% 46,96 61,996 65,3 12 Eastern Pacific Shpg 27 153,293 3 188,77 2 31,816 17% 31,816 13 Shoei Kisen 45 164,96 43 173,949 45 181,915 5 7, 38% 7, 14 Technomar 22 81,39 36 127,334 35 125,942 2 13,6 11% 13,6 15 Hansa T'hand 32 17,359 33 115,772 34 123,566 3 19,764 16% 19,764 16 MPC Capital 16 51,84 11 39,532 46 118,73 17 N.S. Lemos 2 27,612 9 111,843 5 64,893 58% 64,893 18 NSC Schiff. 33 113,144 31 111,196 31 111,196 4 36,12 32% 18,6 18,6 19 T Schulte 34 11,373 31 95,72 29 91,544 1 3,45 4% 3,45 2 Hermann Buss 62 99,21 53 9,57 51 89,193 21 Kaisho Shpg 14 82,416 14 82,416 14 82,416 22 Leonhardt &B 5 9,619 37 67,989 42 78,595 1 3,646 5% 3,646 23 Conti Reed. 11 79,275 1 74,977 1 74,977 24 Gebab 3 97,872 22 76,425 21 73,725 25 Synergy Marine 16 7,43 16 7,43 16 7,43 Note : Charter owner fleets are owned by non-service providers. NSB N'elbe includes some shipmanagement interests. Clarkson Research Services Page iv Jul-14

Liner Investment Containership Deliveries 2 175 15 125 1 75 5 25 462 623 645 567 653 1455 1552 153 1378 1315 1389 1336 115 1211 1255 944 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 Investment Scene This Month Deliveries,teu 71 fully cellular containerships of a combined 512,232 TEU were ordered in the first half of 214. This includes contracts for 2 ships of 12,+ TEU, and a further 16 ships of 8-11,999 TEU. In addition, there have been orders for 34 ships in the 1,-2,999 TEU range so far this year. However, ordering this year has been either large or small, with no orders for ships of 3-7,999 TEU. Meanwhile, data available at the start of July indicates that 12 containerships of a combined 813,8 TEU were reported delivered in the opening six months of 214. This included 13 vessels of 12,+ TEU, of a combined.19m TEU, and 16 ships in the 8-11,999 TEU sector totalling.15m TEU. The Post-Panamax 3,- 7,999 TEU sector saw 13 deliveries in the first half of the year, while 1 ships of sub-3, TEU hit the water. Overall, 1.45m TEU is currently projected to be delivered in full year 214, 41% of which on ships of 12,+ TEU, and 38% on ships of 8-11,999 TEU. Liner Vessel No. teu Ordering Trends Ordering 21 211 212 213 Jun* 21 211 212 213 Jun* This Year %** Containerships, teu Feeder/Max 1-999 teu 9 1 2 3 1 5. 6.1 1.2 1.7.5 LOWER... -36% Handy/Sub-P'max 1-2,999 teu 36 55 24 69 34 5.6 97.6 37.8 121. 7. HIGHER... 16% Panamax 3, &+ teu 5 2. 2.8 6.2.. #DIV/! #DIV/! Post-Panamax 3-7,999 teu 25 69 29 22 15.3 357.3 143.9 113.6. LOWER... -1% Post-Panamax 8-11,999 teu 42 6 11 11 16 371.4 551.1 11.4 941.9 155.9 LOWER... -67% Post-P'max 12, &+ teu 4 51 1 52 2 52.7 798.4 138.1 813.9 285.8 LOWER... -3% Containership Total 116 25 78 247 71 585.1 1831.4 428.5 1992. 512.2 LOWER... -49% % growth 544% 116% -69% 217% 566% 213% -77% 365% Multi-Purpose 1 45 2 54 33 92.4 35. 13. 73.8 29. LOWER... -21% Other Liner 113 68 86 8 18 36.1 1.2 4.3 6.4. LOWER... -1% Liner Total 329 363 184 381 122 713.6 1876.6 481.9 272.2 541.2 LOWER... -48% Investment Avg Est. Contract Value $m Total Est. Value $bn Investment Trends Trends 21 211 212 213 Jun* 21 211 212 213 Jun* This Year %** Containerships Feeder/Max 1-999 teu 11 6 4 11.1.1... HIGHER... 75% Handy/Sub-P'max 1-2,999 teu 2 26 21 24 27.7 1.4.5 1.7.9 HIGHER... 11% Panamax 3, &+ teu ##### 47 7 ##### #####..2.1.. #DIV/! #DIV/! Post-Panamax 3-7,999 teu 54 59 46 6 ##### 1.3 4.1 1.3 1.3. LOWER... -1% Post-Panamax 8-11,999 teu 1 98 84 83 91 4.2 5.9.9 8.4 1.5 LOWER... -65% Post-P'max 12, &+ teu 13 156 114 12 118.5 8. 1.1 6.2 2.4 LOWER... -25% Containership Total 6 79 52 71 67 6.9 19.7 4. 17.6 4.7 LOWER... -46% % growth -12% 32% -35% 38% 468% 185% -8% 338% Multi-Purpose 1.9.6.2 1..4 LOWER... -1% Other Liner 1.6 1.3 2.9 1.9.4 HIGHER... -58% Liner Total 1.4 21.5 7.1 2.4 5.6 HIGHER... -45% Liner Vessel No. teu Delivery Trends Deliveries 21 211 212 213 Jun* 21 211 212 213 Jun* 214 (f) 215 (f) Containerships, teu Feeder/Max 1-999 teu 21 14 15 3 4 16.1 9.2 8.7 2.3 2.7 3.1 1.8 Handy/Sub-P'max 1-2,999 teu 61 47 55 41 14 114.8 8.6 77. 69.2 22. 5.8 76.2 Panamax 3, &+ teu 84 8 2 17 4 366. 3.2 82.5 69.4 14.8 24. 5.4 Post-Panamax 3-7,999 teu 36 51 39 58 22 212.1 296.4 24.4 283.2 113.6 225.9 126.2 Post-Panamax 8-11,999 teu 38 36 35 49 35 342.5 333.5 313.5 43.6 325.3 552.5 661.1 Post-P'max 12, &+ teu 25 35 43 34 23 338. 461. 569.3 481. 334.6 598.3 681.3 Containership Total 265 191 27 22 12 1389.4 121.8 1255.3 1335.8 813. 1454.5 1552.1 % growth -4% -28% 8% -2% 26% -13% 4% 6% 9% 7% Multi-Purpose 165 184 149 89 22 15.9 117.5 113.7 9.4 2.5 4.4 51.7 Other Liner 196 184 148 94 35 7.5 9.7 9.3 1.1 3.8 12.8 3.1 Liner Total 626 559 54 385 159 152.8 1338. 1378.3 1436.3 837.3 157.7 1633.8 '' Tankers 5k+ dwt plus spec. tankers 1k+ dwt. $ bn values for tankers 1k+ dwt. * To end of the month quoted. ** Annualised figures for current year vs previous year. Note: 'Other Liner' ordering subject to revision as teu capacity of orders becomes known. Delivery projections account for historical and expected delivery performance. Clarkson Research Services Page 9 Jul-14

Demolition Market Recently Reported Scrapped Type Vessel Name Dwt Ldt Built Owner Date Break-Up Loc. Buyer $/ldt $m Ro-Ro Tyrusland 16,675 1,882 1978 Swedish Orient Jun-14 India India 52 5.46 Container Reya 17,52 6,26 1991 Shreyas Shpg. Ltd. Jun-14 India India MPP Danny Rose 9,66 3,677 1988 Neptune PL Jun-14 India India 485 1.78 GCargo New Fortune 6,831 2,374 1986 New Legend Group Jun-14 Bangladesh Bangladesh 43 1.2 Container MSC Jade 43,293 1986 Mediterranean Shpg. Jun-14 India India 484 Container King Justus 18,395 6,81 1995 Konig & Cie. Jun-14 Turkey As is Las Palmas Container Tai He 45,987 1989 Shanghai Panasia Jun-14 PRC Old sale Container MSC Fuji 34,79 1997 NSB Niederelbe Jun-14 India India Container Xiang Jin 18,274 1993 China Shpg. Cont. Jun-14 PRC Old sale Container Xiang Bin 16,274 1992 China Shpg. Cont. Jun-14 PRC Old sale Container Lian Feng 9,586 1985 CULines Jun-14 PRC PRC Ro-Ro El Morro 16,79 1974 Sea Star Line Jun-14 U.S.A. Old sale Container Golden Voyage 3,24 1,638 1993 Sinokor Merchant Mar Jun-14 Japan Japan Container Sun Road 57,94 22,144 1993 Dainichi-Invest Jun-14 India India MPP Golam E Mostafa 16,223 4,95 1986 Mr Trading M/S Jun-14 Bangladesh Old sale MPP Lorcon Zamboanga 6,63 1984 Magsaysay Maritime Jun-14 Bangladesh Bangladesh Container Sea Breezer 8,965 4,22 1999 Ocean Shell Shpg Jun-14 India India Container Long Mu Wan 44,585 12,5 1994 POS Line Jun-14 PRC PRC Container Takeko 9,513 1999 COSCON Jun-14 PRC PRC Container MSC Hina 21,37 1,665 1984 Mediterranean Shpg. Jun-14 India India 52 5.35 Demolition Market News Twelve containerships of a combined 23,25 TEU were sold for demolition in June, bringing the total in 1H 214 to 14 ships of 281,128 TEU. This included 14 Post-Panamax ships of a combined 68,944 TEU and 35 Panamaxes of 3,+ TEU with a totalling 139,96 TEU. Current projections suggest that.5m TEU of boxship capacity will be scrapped in 214, with.37m TEU expected to be sold for demolition in 215. The average age of the containerships sold for scrap in the first half of 214 was 21.2 years, including 24 ships of less than 18 years old. In comparison, the average age of boxships scrapped last year was 22.8 years. An early July emergency budget in India has cut import duty from 5% to 2.5%, which may lead to a $1-15/ldt increase in demolition prices there. Alternative scrapping locations are likely to struggle to compete with the expected boost in prices. 8 7 6 5 4 3 2 Scrapping Price Trends US$ per ldt Dry Cargo, Indian Sub-Cont 2 TEU Containership, India Size & Year Forecast Type 211 212 213 Jun* 214 215 Containerships, teu 1-999 teu 11.3 22.2 2.6 12.9 21.4 21.7 1-2,999 teu 56. 22.6 151.6 59.3 97. 17.1 3, &+ teu (Panamax) 1.5 14.5 24.7 14. 26.5 194.7 3-7,999 teu (Post-Pmax). 4.5 3.8 68.9 119.6 45.3 8, &+ teu (Post-Pmax)...... Containership Total 77.8 333.7 443.7 281.1 498.5 368.7 % growth -41% 329% 33% 12% -26% 1 Jan-7 Jan-8 Jan-9 Jan-1 Jan-11 Jan-12 Jan-13 Jan-14 Containership Demolition Activity 5 ' teu 498 45 444 4 378 369 35 334 MPP/Ro-Ro ( teu) 8.9 83.7 82.2 25.8 53.9 51.2 Other Liner ( teu) 16.6 14.4 7.3 2.8 6.7 6.3 Liner Total ( teu) 175.3 431.9 533.2 39.7 559.2 425.9 Scrap Year End ($/ldt) This Year Prices 211^ 212 213 Latest % India 46 445 45 5 UP... 11% Bangladesh 495 48 43 475 UP... 1% Far East 425 375 35 325 DOWN -7% Note: Scrap prices ($/ldt) above based on prices for a c. 2, teu Containership vessel from 212. ^End 211 prices based on a Tweendeck vessel. *Year to end of the quoted month. Clarkson Research Services Page 1 3 25 2 15 1 5 133 11 78 24 21 2 25 26 27 28 29 21 211 212 213 214 215 Jul-14